The personal lending market is large, often perceived as complicated and as a consumer, it’s easy to get lost. Many loan institutions are willing to lend money for unsecured loans, but they compensate for the risk it causes by raising the interest rates. The consumer has no or very little chance to get a fair assessment of her/his credit rating due to the way the loan system works. Each time a loan institution checks your credit rating, it deteriorates. Therefore, it's hard to compare the banks' interest rates yourself.
The leading Nordic loan broker Lendo has solved this consumer problem by offering a marketplace for interest rate comparison. With their unique solution based on only one credit rating, consumers can apply for loans from several banks and then choose which offer suits them best. Lendo's independent mediation service is free of charge to consumers.
Lendo faces two major challenges:
1) There is a big mistrust for the entire loan industry
The interest in communication around private loans is strongly limited since the market is flooded with loan messages. Also, Lendo operates in a low-status industry with a bad reputation and lack of respect. In particular, lenders, but banks also meet in general with great distrust from the public.
2) Lendo is not known for the right reasons
Many consumers know about Lendo, but not for the right reasons. Only a few know what positive aspects Lendo actually brings to the consumers who want to take a loan. The company is perceived by many as a vague sham or SMS loan company. Therefore, the challenge is to change an attitude that currently stands at minus, instead of just building one from scratch.
How do we correct the wrong perception many have about Lendo and how do we get them to listen to us and feel that we are trustworthy?
The assignment is part of a long-term repositioning of the brand that shall ensure that all communication is uniform, clear and show a positive picture of the benefits that Lendo offers to the consumer. The assignment is divided into five parts:
1) Messaging platform: A practical tool that sorts out what to say and in what order, so that the brand communicates the right messages, clearly and consistently, while being differentiated from its competitors.
2) Communication platform and communication concept: A strategic guiding tool that provides the basis for all communication to be drawn in the same direction – a prerequisite for consistent, effective and brand-building communication. The communication platform contains, among there things, tone-of-voice, targeting, our promise to the market and positioning in order to meet the set objectives and visions, etc.
3) Advertising Concept: An overarching, unifying campaign theme that can be used across all communication channels. A briefly stated clear idea around which an ad or marketing campaign is organised.
4) Master assets: Creation of visual master assets for Lendo's in-house department to customise for print, OOH, online, etc. The messages from the messaging platform are used as headlines together with the master assets.
5) Commercials: Modification of already produced commercials and new production of five commercials according to the new concept.
The target audience:
Men and women, +18 years old. Living anywhere in Sweden.
Consumers know that there is a lot to gain from negotiating with the bank, yet they don’t do it. Often, it’s because they are too shy to even raise the issue. They simply feel too uncomfortable to bargain – perhaps one of the most Swedish things ever.
”Pruta utan att prata.” (English translation: “Bargain without talking.”) A deep emotionally relevant promise.
The first step is a visual world that clarifies what Lendo does - and the benefits of it. By placing high interest rates towards a low one, we make the low interest rate visible (just like Lendo does). The interest rates are dramatized by making the high interest rates scary and the low interest rate kind and cute. When the interest rates meet, the high interest rates are cocky and overconfident. But the small interest rate always has a trick up its sleeve. And of course, the lowest interest rate always win.
”The camping is still running, so it’s too early to evaluate it fully. However, we can see a considerable increase in traffic and general interest for Lendo which make us very pleased. We are also very happy with the work we have done together with Jung von Matt and except for hard figures such as traffic, we can also see a positive trend in awareness and preference."
– Carl Brynielsson, Marketing Director at Lendo